IT czar Azim H Premji, who is set to retire as the executive chairman of Wipro, said on Thursday that steering the company had been the greatest privilege of his life and exuded confidence that his son will lead it to greater heights. Premji will pass over the baton to his son Rishad in July-end after leading the charge at the company for over five decades.

Azim Premji, who transformed the cooking oil company his father started in 1945 into a $25 billion (Rs 1.8 lakh crore) IT powerhouse, will retire as executive chairman on July 30. Premji will be succeeded by his elder son, Rishad Premji, a Harvard Business School and London School of Economics graduate, who joined the firm in 2007.

After PSU banks, the government is likely to infuse capital in two chronically ill telecom PSUs BSNL and MTNL, and the Union Cabinet is likely to take a decision on 4G spectrum allocation to them by the third week of the current month after DoT places the note before it for consideration.

At a high-level meeting at the PMO late Tuesday, it was also decided that the two telcos will frame a Voluntary Retirement Scheme (VRS) to reduce their employee strength, which will be followed by a reduction in the retirement age to 58.